A&B Acts In Another Significant Real Estate Acquisition

Aird & Berlis LLP represented Canadian Real Estate Investment Trust (CREIT) in its acquisition from RioCan Real Estate Investment Trust of two retail centres situated in Quebec City, Quebec and one retail centre situated in Moncton, New Brunswick. CREIT acquired a 50% managing interest in the Quebec properties, commonly known as “Sainte Foy Centre” and “Mega Centre Lebourgneuf”, with the remaining 50% interest in such properties being acquired by a subsidiary of OPTrust Realty Inc., and a 100% interest in the Moncton property, commonly known as “Wheeler Park Power Centre”. The total purchase for the three properties was approximately $301 million.

The transactions closed on May 6 and May 7, 2013. The purchase price was funded by way of multiple assumptions of existing indebtedness secured against certain of the said properties, new mortgage financing placed on certain portion(s) of the said properties and additional unsecured bank credit facilities.

CREIT is a publicly-traded real estate investment trust listed on the Toronto Stock Exchange under the symbol REF.UN.

The A&B team acting for CREIT included Hayden Solomons, Christie McNeill and Michael Ventresca (real estate), Jennifer Wainwright (corporate), Jill Fraser and Alyssa Keon (banking) and Lisa Moreau (competition).